The US DJIA was up by 66.15 points last Friday and closed at 13,507.28. It regained most of its losses from Thursday. (Trading in the US equities market will be closed for Memorial Day.)
PLDT ADRs was up by $1.72 to close at $55.22. Converting it at PhP 46 to $1.00; this comes out to PhP 2420. lat Friday PLDT last traded at PhP 2,505.
The local equities market was in a consolidation mode. The PSEi touched a high of 3464.40 (up by 22. 64) points an hour into trading but gave up most of its gains when traded ended. It had a day's low of 3464.40. The peso was once again below the PhP 46 level against the US$.
PSEi up 1.80 (+0.05%) points to close at 3443.56
Advancers 58
Decliners 62
Value turnover PhP 3.601 bn
Cross transactions PhP 1.290 bn
Sectoral Indices
Sevices +1.56%
M-O +0.61%
Industrial -0.03%
Holdings -0.09%
Financial -0.58%
Property -1.41%
The market is now into a consolidation mode. It is deemed to have gone up too fast. The market reached a high at 3517.13 just last week (May 23,2007) and that point was more than 18% higher than the low it reached a little less than two months ago( 2965.8o last March 6, 2007) ; investors are wary of a deep correction and tentative to be aggressive in the market.
The current trading range of the market is at 3,420 - 3,480. Brisk trading in the smaller cap issues however is keeping investors and punters relatively busy. Long term market sentiment remains positive. Newspaper reports cite that the combined earnings last year of listed companies in the Philippine stock market posted a 26.52% increase over the previous year (PhP 261.1 bn from PhP 204.75. (Index companies even posted a 33.45% improvement on earnings).
Closing prices of select stocks - May 28, 2007
ABA - PhP 0.013
ALI - PhP15.00
AR - PhP 0.014
DGTL - PhP 1.58
EIB - PhP 0.55
LOTO - PhP 16.25
MPI - PhP 4.40
NRCP - PhP 4.35
SUN - PhP 0.69
V - PhP 1.68
WEB - PhP 0.049
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